Nifty Futures Support Resistance Level For 29 April 2011, Sell below 5795, Target 5758

Nifty future is trading in 5700 – 5950 range for last 20 sessions, suggesting the consolidation, as consolidation cannot be ruled out for a longer period, we see the breakout in either side of the current range. At CMP we will however remain bearish as long as nifty is trading below 5795 level (on closing basis). Technical indicators are showing negative momentum from current levels. We will advice traders to remain short in nifty in today’s market, until nifty futures trades above 5808 level. For intraday trading we recommend to take short position only below 5795 level for target of 5758 and 5721 levels and place stop loss at 5809 level. Intraday traders stay cautious as near term volatility may increase significantly due to political uncertainty.

At 11:30 AM (IST) Nifty is trading negative by 7 points. Today’s trend will be bearish, However fresh short positions are likely to be added near 5799 levels, which is likely to pull markets downward today, also some profit booking may be done near 5765 level. Nifty Future trading range can be seen, as in the support resistance levels below.

Nifty Futures Level:
Resistance: 5805 / 5855
Support: 5756 / 5718

Buy Nifty Future above 5832 level for intraday target of 5861 and 5884 levels, also place Stop loss for long positions at 5804 level.